The Partnership Settlement Agreement is a crucial document used when partners decide to formally dissolve their business relationship in the Philippines. It serves as the definitive agreement that outlines how the partnership will be terminated and all associated matters resolved. This document is essential when partners wish to document their mutual understanding regarding the distribution of assets, settlement of liabilities, and release of claims. The agreement must comply with the Civil Code of the Philippines, particularly Articles 1767-1867 regarding partnerships, and other relevant Philippine legislation including tax regulations and alternative dispute resolution laws. It typically includes detailed provisions about financial settlements, asset distribution, ongoing obligations, and mutual releases, providing a comprehensive framework for the orderly dissolution of the partnership and prevention of future disputes.
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1. Parties: Identification of all partners and their complete details including addresses for service
2. Background: Recitals describing the partnership's history, reason for dissolution, and context for the settlement
3. Definitions: Definitions of key terms used throughout the agreement
4. Partnership Dissolution: Formal agreement to dissolve the partnership and the effective date
5. Settlement Terms: Core terms of the settlement including financial arrangements and asset distribution
6. Mutual Release: Mutual release of claims between partners
7. Tax Matters: Agreement on handling tax liabilities and obligations
8. Confidentiality: Provisions regarding confidentiality of partnership information and settlement terms
9. Governing Law: Specification of Philippine law as governing law and jurisdiction
10. Entire Agreement: Integration clause confirming this document represents the complete agreement
11. Execution: Signature blocks and execution formalities
1. Non-Competition: Restrictions on partners competing with the former partnership business - include when the partnership involved trade secrets or client relationships
2. Intellectual Property Rights: Distribution of IP rights - include when the partnership owned or developed intellectual property
3. Outstanding Liabilities: Handling of partnership debts and liabilities - include when there are significant outstanding obligations
4. Employee Matters: Treatment of employees and employment obligations - include when the partnership had employees
5. Dispute Resolution: Alternative dispute resolution procedures - include when parties want to specify arbitration or mediation
6. Public Announcements: Protocol for public communications - include for high-profile partnerships or when public relations are important
7. Ongoing Cooperation: Requirements for future cooperation - include when partners need to work together post-dissolution
1. Schedule A - Asset Distribution: Detailed listing of partnership assets and their agreed distribution
2. Schedule B - Financial Settlement: Detailed breakdown of financial settlements including payments and timing
3. Schedule C - Outstanding Projects: List of ongoing projects and their handling
4. Schedule D - Client List: Distribution of clients and handling of client relationships
5. Schedule E - Inventory: Detailed inventory of partnership property and its disposition
6. Appendix 1 - Partnership Agreement: Copy of the original partnership agreement being terminated
7. Appendix 2 - Financial Statements: Recent financial statements of the partnership
Relevant legal definitions
Clauses
Relevant Industries
Professional Services
Legal Services
Accounting & Financial Services
Real Estate
Construction
Retail
Healthcare
Information Technology
Consulting
Manufacturing
Agriculture
Food & Beverage
Transportation & Logistics
Relevant Teams
Legal
Finance
Operations
Compliance
Tax
Corporate Secretariat
Risk Management
Business Development
Corporate Affairs
Executive Leadership
Relevant Roles
Managing Partner
General Partner
Senior Partner
Legal Counsel
Corporate Lawyer
Business Owner
Chief Executive Officer
Chief Financial Officer
Chief Operating Officer
Finance Director
Operations Manager
Business Development Manager
Partnership Manager
Compliance Officer
Tax Advisor
Accountant
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